Ridsdale to leave Cardiff

Peter Ridsdale will stand down as Cardiff chairman at the end of next month, the club have confirmed.

The Bluebirds have reached an agreement over new funding, thought to be an investment from the Far East, with Ridsdale having previously said that he would stand down once that had been secured.

A statement from the Championship club read: "Agreement has been reached with regard to new funding for the company and restructuring of its existing debt."

He added: "This will be put formally to a shareholder meeting on Thursday, May 27, 2010. As a result of this new fundraising, Peter Ridsdale, chairman and chief executive of the company, will be standing down from his position and leaving the company on May 31, 2010.

"Peter joined the company in the summer of 2005 with a three-fold brief: firstly, to assist in the construction of the new stadium, secondly to establish the football club within the Championship, and thirdly to seek new funding. All three of these will have been completed by the shareholder meeting.

"Peter leaves therefore with the best wishes and thanks of the board of directors and the shareholders of the company for his energy, commitment and success in completing the tasks that were set for him. With the club confirmed in the play-offs for the last place for promotion to the Premier League and having appeared the FA Cup final in 2008 for the first time since 1927, off-the-field progress has been mirrored by success on the field.

"We wish Peter every success in his future career."

Ridsdale had previously served as Leeds chairman, leaving the Yorkshire club in 2003 shortly after announcing the club were £79million in debt.

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